Online gaming content supplier Playtech PLC is abandoning plans to sell its B2C Snaitech business for now, after Snaitech, the Italian iGaming operator that is one of that nation’s largest gaming concessionaires, turned in solid first-half revenues.
Playtech officials noted the decision during the company’s announcement of first-half results that showed revenue up year-on-year by 73 percent, to €792.3 million. Revenue from Snaitech specifically almost tripled to €446 million.
The Playtech board had approved an acquisition offer from Australian slot supplier Aristocrat Leisure Limited, but the shareholders ultimately rejected the deal. A group called TTB Partners then announced that it was considering a bid of its own, and received support from Playtech chief executive Mor Weizer. However, amid changing market conditions, TTB ultimately declined to submit a bid for Playtech.
Alter the positive results, Playtech Group Chairman Brian Mattingley said executives have determined this is not the right time to sell the division.
“The growth of Snaitech means we’re under absolutely no pressure to realize the value there, but we will continue to appraise that value, and if the time is right then we would look at returning that value to shareholders,” he said. “We’re still committed as a board to realizing value. At this time, we don’t think the market is right. The company is in rude health, every division is trading great. We can return value by just ensuring our trading continues to grow.”
